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Charitable Donations of the Rich Mostly Don't Help the Poor
John H. wrote:
On Mon, 16 Dec 2013 11:49:09 -0500, "F.O.A.D." wrote: The rich give to help the rich: As an article published on Salon recently pointed out, the rich have a tendency to give generously to institutions and endowments that serve “their kind” and not the needy. [A] large portion of the charitable deductions now claimed by America’s wealthy are for donations to culture palaces – operas, art museums, symphonies, and theaters – where they spend their leisure time hobnobbing with other wealthy benefactors. Another portion is for contributions to the elite prep schools and universities they once attended or want their children to attend. (Such institutions typically give preference in admissions, a kind of affirmative action, to applicants and “legacies” whose parents have been notably generous.) Art museums and Ivy League schools need money too, of course, but so do the nation’s hungry and homeless. A dollar donated to an art museum gives you the same amount of tax deductions as one spent at a soup kitchen. The numbers do not favor the poor, either. The Washington Post found that around 70% of all charitable contributions went to charities that do not specifically help the poor. http://tinyurl.com/qhxbmlj If you really want to help the poor, return the tax to 91% for the richest Americans; that's where it was shortly after WWII. Then, change the tax rate to 0% for those making under about $100,000 per year. If we did THAT, the poor could help themselves. Handout are band aids, what they need is a transfusion. Nothing will change unless the hoarded money comes back into the hands of people that create jobs. John H. -- Hope you're having a great day! Kevin, you are showing financial ignorance to the max. |
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